Muscat – Galfar Engineering and Contracting Company announced that it has been awarded a major contract worth RO117mn by Nama Water Services Company. The contract is for the construction of water distribution networks in the Dhahirah Governorate.
‘We are pleased to inform our esteemed shareholders that Nama Water Services has awarded Galfar the tender (design and build) for the construction of water distribution networks for Ibri, Yanqul, and Dank Wilayats in Dhahirah Governorate package 1. The letter of award was accepted on Monday,’ Galfar said in a disclosure to the Muscat Stock Exchange.
The company added, ‘The value of this project is approximately RO117mn, with an execution period of 44 months from the commencement date.’
Galfar noted that this contract will further strengthen its order-book and sustain its market share within the water sector projects. ‘We take this opportunity to express our appreciation to Nama Water Services for the confidence placed in Galfar through the award of this project,’ the company added.
This new contract marks the third major contract Galfar has secured within less than a month.
On July 30, Galfar was awarded a contract for the expansion of the Raysut Water reclamation plant by Nama Dhofar Services Company in the Dhofar Governorate. The company said that this project is valued at approximately RO35mn, with an execution period of 36 months from the commencement date.
On August 11, Galfar secured a five-year service contract worth RO18.5mn from Occidental Oman (Oxy), the largest independent oil producer in the sultanate. This contract includes an option for a two-year extension, with an estimated additional value of RO6.5mn.
Galfar also secured contracts of significant value during the first half of 2024, which boosted the company’s order-book. As of June 30, 2024, Galfar’s order-book reached to RO816mn, compared to RO644mn a year ago.
‘This strong order-book provides a positive outlook for the company’s future in terms of sustainability, growth, and market share. The improvement in our order-book came as a result of new project awards totaling RO279mn, which are strengthening the company’s position in the oil and gas and Infrastructure sectors,’ Galfar noted in its financial report submitted to the Muscat Stock Exchange.
In the first half of 2024, Galfar generated significantly higher sales revenue and continued to deliver positive operating results. The parent company generated revenue of RO128.9mn, an increase of 10.8% compared to the previous year. It also achieved a net profit of RO0.86mn, compared to RO1.24mn for the same period last year.
